Sen. Elizabeth Warren, D-Mass., said on Thursday that the markets will “crash” if Federal Reserve Chair Jerome Powell is fired by President Donald Trump.
Trump on Thursday told reporters that Powell is “too late, always too late” and “slow,” saying, I’m not happy with him. I let him know it, and if I want him out, he’ll be out of there real fast, believe me.”
Powell has previously said that the president does not have the authority to fire him, saying that the Federal Reserve’s independence is “a matter of law.”
"I have tangled with [Powell] on a regular basis about both regulations and interest rates,” Warren told CNBC’s “Squawk on the Street” on Thursday after Trump made the remarks. "But understand this: If Chairman Powell can be fired by the president of the United States, it will crash markets in the United States.”
The senator, who serves as the ranking member on the Senate Banking Committee, added that "the infrastructure that keeps this stock market strong and therefore a big part of our economy strong and therefore a big part of the world economy strong, is the idea that the big pieces move independent of the politics.”
Warren said, "If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn't distinguish us from any other two-bit dictatorship around the world.”
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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